Mr. Chris's 2018 income and deductions are listed below. Calculated for the following two cases, Mr. Chris's Net Income for tax purposes and indicate any possible loss carryovers from the current year.
Case A
Employment Income………………………..28,000
Income(loss) from Business………………(36,000)
Income from property ………………………..15,000
Taxable Capital Gains…………………………21,000
Allowable Capital Losses ……………………(27,000)
Subdivision E Deductions (spousal support)….(11,000)
Case B
Employment Income…………………..16,000
Income (loss) from Business ……….(21,000)
Income from property……………………22,000
Capital Gains ……………………………..64,000
Capital Losses …………………………….(138,000)
Subdivision E Deductions (spousal support) ……(5,000)